Merger Litigation

Our staff and affiliated experts are at the forefront of using sophisticated econometric demand models and merger simulation tools to analyze the likely competitive effects of a merger and any proposed divestitures. By synthesizing data from diverse sources, we provide comprehensive insights into relevant geographic and product markets, competitive effects, and other critical factors.

Incorporating econometric models alongside qualitative evidence, such as ordinary course-of-business documents and fact witness testimony, forms a strong foundation for compelling, credible expert testimony.

Our affiliated experts are skilled at incorporating such evidence, delivering analyses that are consistent with industry realities and the way the merging parties think about how their consumers make choices.

Cornerstone Research has supported testifying experts in some of the highest-profile merger review cases of recent years—working on behalf of merging parties and North American government agencies.

We have participated in more than half of all merger cases that went to trial over the past nine years, surpassing any other economic consulting firm. We have the experience and skills to help counsel seamlessly transition to litigation and meet the compressed deadlines common in merger litigation.

Clients rely on Cornerstone Research to compile large datasets from disparate structured and unstructured sources to address economic issues that arise in mergers. Our staff and affiliated experts regularly work with datasets containing hundreds of billions of records and hundreds of terabytes of data.

Our in-house big data infrastructure and team of data scientists in our Data Science Center conduct large-scale, secure, advanced analytics. Our continuous investments in this space enable us to analyze large datasets effectively and efficiently, allowing affiliated experts to rapidly operationalize their ideas and provide defensible testimony.

In addition, we have extensive experience analyzing market-based data and critiquing survey methodologies.

Our staff and affiliated experts with financial statement or accounting expertise provide valuable input in merger challenges where parties assert efficiency claims or “failing firm” defenses. Such analyses can include an assessment of merger specificity and verification of claimed efficiencies.

The experts with whom we work are experienced in assessing a target firm’s financial condition, evaluating the risk of its key assets leaving the market in the absence of the merger, and determining whether the firm has made good faith efforts to solicit reasonable alternative offers.

Our team of accounting professionals is well-equipped to handle complex merger challenges on a global scale and has substantial cross-border expertise. We provide comprehensive accounting analyses that ensure compliance with international financial reporting requirements and facilitate strategic decision-making in mergers and acquisitions across diverse jurisdictions.

Our merger investigations team has worked in a wide range of industries, including: